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Regarding payment of GST
compensation to Kerala.
ADV. A.M. ARIFF
(ALAPPUZHA): Sir, Kerala is facing an unprecedented financial crisis due to the
distorted financial policies of the Central Government, which would result in
the reduction in revenue of about Rs. 32,000 crore for the State in 2023-24. …
(Interruptions) The State is continuously penalized for its advancement in
social sectors by reducing the tax share of the Centre from 3.875 per cent to
just 1.925 per cent.
On the other hand,
by imposing newer restrictions for borrowing consent under article 293 of the
Constitution, and misinterpreting the guarantees given by the State to the SPVs
like KIIFB as equal to open market borrowing, the Central Government is
squeezing the development activities in the State. There has been a reduction
of Rs. 6,716 crore in revenue deficit grant from the Centre compared to the
previous year. Added to this is the taking away of the GST compensation,
because of which Kerala is to lose at least Rs. 9,000 crore this year. …
(Interruptions)
Hence, I
urge the Centre to extend the GST compensation for a period of another five
years, and enhance the revenue sharing from GST from the present 50:50 ratio to
60:40 ratio between the State and the Centre. Thank you. … (Interruptions)
12.23 hrs
At this stage Shri Arvind
Sawant and some other hon. Members came and stood on the floor near the Table.
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